Its turnover climbed 19.3% on the year to RON30.9 million and total expenses grew by 5.7% to RON38 million.
Aro-Palace has recently signed a letter of intent to enter into a franchise agreement with Hyatt Hotel Corporation. Should the partnership materialize, the Aro Palace Brasov hotel will join the international portfolio of Hyatt-branded hotels. The hotel is expected to be operated under the name “Hyatt Regency, Aro Palace Brasov”. The letter of intent is a first step that will be further followed by other procedures for the finalization of the partnership agreement.
Established in 1939 in Brasov, Aro Palace Brasov features 189 guest rooms and suites and a further 67 executive rooms and suites, a spa, bars, and business lounges. Aro Palace company is listed on the Bucharest Stock Exchange under the ticker symbol ARO. The company portfolio also includes Capitol Hotel, a 180-key hotel with conference facilities, and two restaurants undergoing a radical restructuring process which will open its doors for guests at the end of 2025 under the Mercure Brasov Centre brand.
Aro-Palace has a market value of RON160 million and is 85.74%-owned by Transilvania Investments Alliance, while S. Winners First holds 10.25% of the share capital. ARO shares have gained 4.2% so far in 2024, amid deals worth RON80,000, as per stock market data.